I figured out how to do this using the circle plot formula.
NewX = OrbitDistance * cos(DegreesAngle) + OrbitCenterX
NewY = OrbitDistance * sin(DegreesAngle) + OrbitCenterY
Where NewX and NewY are the X,Y coordinates of where your ship is going to be, DegreesAngle is what angle off of the space station you're calculating for, and OrbitCenterX and OrbitCenterY are the center coordinates of your space station, aka. the thing your ship is orbiting.
If you keep incrementing DegreesAngle every tick, and assigning your shiup objects X and Y position to NewX and NewY, it will orbit in a circle around the space station at a range (radius) of OrbitDistance.
Playing with how much DegreesAngle is incremented will adjust the speed, and you can even decrement it into the negatives to reverse the direction or orbit.
You should probably put in a conditional statement that makes DegreesAngle wrap around from 360 to 0 or vise-versa depending on the direction of orbit. Otherwise, when the variable you are storing DegreesAngle in reaches its maximum value and wraps around, the ship will 'jump' to a different position in it's orbit suddenly. This might never come up depending on what size variables C2 uses. I don't know, I'm still learning the system.
Anyways, here is an example from something I'm working on.